Companies with more than 50 employees are really bad at spending money. 1 in every 10 purchases has some kind of mistake associated with it. Either the purchase was totally un-necessary (a duplicate purchase or redundant purchase), the supplier ends up over-charging compared to the original quotation or someone buys an item without the right authorization to do so. This is not to mention the 86% of companies which have been effected by outright invoice fraud.

These mistakes eat directly into the bottom line . The solution is simple; better communcation. Rubberstamp is a tool that helps management define spending rules and budgets, staff to receive approvals for purchases in a central location where the finance team can make sure that the correct amounts are paid on incoming invoices.

1 year old, Rubberstamp.io already handles over $50 million per month in spending decisions for its customers, who are spread across the globe but are mainly based in the US.

100% bootstrapped, the company is opening itself up to its first round of funding in October 2015.

How are you different?

The traditional approach to controlling company spend involves paperwork and accountancy software. 10% of companies try to use an ERP to manage spend but 70% don’t have any spending controls in place at all.

What makes us different is that our software is user friendly enough for anyone in the company to use unlike over-complicated accountancy packages and clunky ERP solutions.

We excel at marketing and sales and have a depth of experience in building software products.

Where are you based? How long will you stay there?

We are currently based in the Eastern Cape, South Africa. We have plans to open an operation in Dublin over the coming 6 months.

When was the company launched?

September 2014

What have been your biggest wins to date?

Acquiring our first 50 customers in less than 12 months of operation was great. What is even better is our very low customer churn rate. We actually have a negative churn when you take upgrades into account. This is a great testament to the value we are delivering.

We need to bulk up our product team. There is a host of outstanding opportunities to expand the product and our next biggest challenge is extending our resources to support our existing customers while adding new and interesting features.

Tell us about your team?

The product was founded by James Kennedy and Richard Greenane, two computer science grads who have worked alongside each other for 15 years in various capacities. James has extensive experience when it comes to online sales and marketing while Rich has a depth of experience running successful tech businesses in Dublin.

What are you long term plans for your product / company?

Currently, there is no good way for staff members to collaborate when it comes to making good decisions on how to spend company money. We want to do provide that. In 2016 we will handle more than a billion dollars in company spend for our customers. In five years time we want to be 100 people strong with a development office in Dublin, with sales and support in South Africa and the US.